Australian properties, especially in Brunswick, are at an all-time high. It may be fun to look for houses to purchase, but there are also some serious, critical factors to consider when buying one. People who can’t afford a house, can buy an apartment instead; and people are often enticed to buy off-the-plan apartments due to the rising prices.
Here are some considerations for buying apartments in Brunswick:
- Know all the prices and costs
When scouring through apartments for sale brunswick, one of the most crucial and important things you should consider is your budget. You must go in with your wide eyes open, know what you are getting into, and determine all the possible costs that come with buying an apartment. Buying an apartment in Brunswick will entail more than just principal and interest payment since you also have to take in consideration the following:
- electricity, water, phone, cable and internet bills
- possible repairs
- property taxes
- real estate agent fees
- maintenance charges
- insurance
- moving-in costs
- cost of living
A real estate agent or financial institution can help you guide you through the process of knowing all the costs that entail the purchase of a new apartment. Your agent should be able to give you a ballpark figure on all the costs that come with buying the apartment, and he should also know the cost of living in the area and usual fees you need to pay.
- Neighborhood
Since your apartment is considered an investment, then the location is key. Another important factor you should take into consideration is the neighborhood and community. It is crucial that you take this into consideration because your neighborhood should fit your lifestyle. Here are some of the matters you need to check about the area:
- The accessibility to public transportation and proximity to bus and train stations
- The markets, malls, schools, café, restaurants, gym, and hospitals in the area
- The local amenities available for your recreation and use
- The friendliness of the people around the community and your neighbors as well
- The safety and security of neighborhood based on crime rates
- The culture of the community and neighborhood
- The noise level in the community
These are some questions that you can ask yourself to see if the neighborhood and community is a good fit for your lifestyle.
- Apartment structure
You should see if the structure of the apartment is suitable to invest money into. A real estate investment should be more than just a short-term venture but a long-term one as well. Make sure that the apartment building can last as long as possible. Here are some things you have to consider regarding the apartment building structure:
- Know who the developer of the building is. Research on the developer of the building and do a background check on them.
- Research on the organization that manages the building.
- Make sure the apartment is earthquake proof and has safety provisions for earthquakes and typhoons.
- Check for building issues such as power malfunctions, elevator issues, building quality and workmanship.
Check the following within the unit itself:
- In case you need to do some major repairs, ask whether or not you will be responsible for major repairs.
- Carefully take a look at the furniture and fixtures. Check to see if the plumbing was repaired or is adequately maintained. See if the paint is done well.
- Ask whether or not you can make any renovations. Check for restrictions with your apartment manager or real estate agent.
- Return on investment and long-term advantages
If you are buying an apartment, you might as well buy it as a long-term investment too. The great thing about real estate is that if you buy from the right place, its value increases. After a few years, the value of your apartment might go up two to three times depending on where it is situated.
Before buying an apartment, consider the infrastructure works, planned developments, and improvements in the area that might increase the value of your apartment in the future. Choose the apartment with a location that is flourishing and advancing. You also need to understand what the future effects of any development might be. This will make your apartment more lucrative for buyers should you decide to sell it or put it up for rent in the future.
Conclusion
There will be plenty of choices for apartments in the next few years. You might be one of the potential buyers today or someday. However, before you put some ink and sign on the contract, make sure you take into consideration the factors listed above. By doing this, you will be well on your way to make the best decision in purchasing an apartment in Brunswick.
